The Nasdaq dropped 0.5% to a fresh three-month low. The S&P 500 lost 0.4% and the Dow Jones industrial average gave up 0.3%. Turnover was tracking sharply lower across the board.

Generac Holdings (GNRC) dropped 4% as it further pulled back from recent stellar gains. The maker of backup generators bolted 21% last week as it stands to benefit from Superstorm Sandy. Generac is still 33% past a 26.95 three-weeks-tight buy point.

Michael Kors (KORS) lost 4% and sliced its 50-day moving average in fast trade. Intraday, it fell more than 9% below a 57.45 buy point in a flat base. On Tuesday, Michael Kors closed above its 50-day line after breaching it intraday. The high-end fashion apparel firm will report Q3 results Nov. 13. Analysts see profit rising 74% to 40 cents a share. Sales are slated to surge 70% to $519.31 million.

On the upside, Sturm Ruger (RGR) was off its session high, but still up 5% in active trading. Earlier, the stock was up as much as 10%, and it cleared a 52.13 buy point from a flat base within a larger pattern.